Carbify released the token bridge at https://bridge.carbify.io earlier today. The bridge can move $CBY tokens from Ethereum to Polygon or from Polygon to Ethereum. This bridge is intended for the more experienced crypto users.
How does it work exactly?
First, you must determine if you want to move your $CBY tokens from Ethereum to Polygon or vice versa. Select the source and target and connect your wallet. We are using Metamask for this example. More wallet solutions will be integrated in the future. After you connect your wallet, you can see your wallet holdings shown in ‘image 1’.
Select the amount of tokens you want to transfer and press next.
After you press next, you will see a quick transaction summary. In this case, we will transfer 1000 CBY from 0x3e…E030 on Ethereum to Polygon. You can check the ‘receiver address’ to double-check the wallet that will receive the tokens. The next step is to approve the tokens you want to send. (this is obligatory on almost all chains)
As you can see, a Metamask popup will appear. You can approve the spending cap. After you approve the spending cap, you will be able to approve the transfer.
Important bridge info
The bridge has a built-in fee mechanism based on one transaction only. The source blockchain will pay the gas fees for BOTH chains. This means you need lots of MATIC when the source is Polygon, and you need lots of ETH if the source is Ethereum.
Average waiting time:
It can take up to 90 minutes for a transaction to settle on both chains. The bridge protocol decides when the tokens will be bridges and is able to delay or go forward immediately if the fees seem fair at that moment in time.
Next update
We will work on the bridge UI the next week to improve it. The bridge will be integrated into Carbidash over time! We will continue to fine-tune the fee structure.
Carbify Greenpaper: https://docs.carbify.io/
Carbify Website: https://www.carbify.io
Carbify Discord: https://discord.gg/carbify
Carbify Telegram: https://t.me/carbify
Carbify Twitter: https://twitter.com/Carbify_io
